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Get Think Tanked Distilled with Mike Halen

In last week’s episode of Get Think Tanked, we were pleased to host Mike Halen, a renowned expert in the restaurant industry. Halen, who has considerable experience in the sector and a track record of providing valuable insights, discussed the current state of the restaurant industry, the impact of different economic factors, and the role of technology in shaping the future of this sector.

The Current State of The Restaurant Industry

In the initial part of the discussion, Halen spoke about the present state of the restaurant industry. The industry is currently facing numerous challenges, including supply chain disruptions, labor shortages, and fluctuating consumer behavior. While some restaurants have managed to navigate these challenges successfully, others are struggling to keep their doors open.

In particular, Halen noted that the fine dining sector has been experiencing a significant slowdown. This is due to a combination of factors, including changes in consumer preferences and financial constraints. In contrast, quick-service restaurants (QSRs) have demonstrated resilience and have been able to maintain steady growth.

The Impact of Economic Factors

Halen also elaborated on the effect of various economic factors on the restaurant industry. One of these factors is inflation, which has resulted in substantial price increases in the restaurant sector. This has had a particularly noticeable impact on quick service and fast-casual restaurants, where price hikes have put pressure on consumers’ budgets.

Another significant factor is interest rates. Higher interest rates have made it more expensive for restaurant owners to borrow money, which is often necessary for expansion and operational costs. This has led to a slowdown in new restaurant openings, particularly among smaller franchisees who may struggle to secure financing.

The Role of Technology in the Restaurant Industry

Halen highlighted how technology has become an essential component of the restaurant industry. From the use of kiosks and digital menus to the implementation of advanced ordering systems and delivery apps, technology is transforming the way restaurants operate.

One example of this is the use of server handhelds, which has proven to be beneficial for full-service chains. These devices help to streamline operations and reduce labor hour costs. In addition, many QSRs have started using automated cooking systems to deal with labor shortages and increase efficiency.

The Future of the Restaurant Industry

Looking to the future, Halen discussed some of the trends that are likely to shape the restaurant industry. One of these is the shift towards healthier eating, driven by an increasing consumer awareness of the importance of nutrition. This could pose a challenge for some restaurants, particularly those in the QSR sector, which are often associated with unhealthy food.

Another trend is the growth of delivery services. The pandemic has accelerated the shift towards food delivery, and this trend is expected to continue even as restaurants reopen. This could create opportunities for restaurants to reach new customers and expand their market share.

Conclusion

In conclusion, the restaurant industry is facing a period of significant change and uncertainty. However, with the right strategies and a willingness to adapt, restaurants can navigate these challenges and thrive in the new normal.

While there are certainly challenges to overcome, there are also opportunities for those who are willing to innovate and adapt. By leveraging technology, responding to changing consumer preferences, and staying attuned to economic shifts, restaurants can position themselves for continued success in the future.

To stay updated on the latest trends and insights in the restaurant industry, stay tuned to the Get Think Tank Distilled series. With expert guests like Mike Halen, we aim to provide you with the knowledge and insights you need to navigate the ever-evolving restaurant landscape.

You can watch a replay of this virtual happy hour on our YouTube channel here. While there, subscribe to our channel to stay up to date on our latest content.

Disclosure

All investments involve risk, including possible loss of principal.

The material provided here is for informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision.

All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.

Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve.

The value of investments and the income from them can go down as well as up and investors may not get back the amounts originally invested, and can be affected by changes in interest rates, in exchange rates, general market conditions, political, social and economic developments and other variable factors. Investment involves risks including but not limited to, possible delays in payments and loss of income or capital. Neither Toroso nor any of its affiliates guarantees any rate of return or the return of capital invested. This commentary material is available for informational purposes only and nothing herein constitutes an offer to sell or a solicitation of an offer to buy any security and nothing herein should be construed as such. All investment strategies and investments involve risk of loss, including the possible loss of all amounts invested, and nothing herein should be construed as a guarantee of any specific outcome or profit.  While we have gathered the information presented herein from sources that we believe to be reliable, we cannot guarantee the accuracy or completeness of the information presented and the information presented should not be relied upon as such. Any opinions expressed herein are our opinions and are current only as of the date of distribution, and are subject to change without notice. We disclaim any obligation to provide revised opinions in the event of changed circumstances.

The information in this material is confidential and proprietary and may not be used other than by the intended user. Neither Toroso or its affiliates or any of their officers or employees of Toroso accepts any liability whatsoever for any loss arising from any use of this material or its contents. This material may not be reproduced, distributed or published without prior written permission from Toroso. Distribution of this material may be restricted in certain jurisdictions. Any persons coming into possession of this material should seek advice for details of and observe such restrictions (if any).

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Get Think Tanked | Restaurant & Consumer Sales with Michael Halen

Get Think Tanked | Restaurant & Consumer Sales with Michael Halen

In last week’s episode of Get Think Tanked, we were pleased to host Mike Halen,

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